The head of the Russian Ministry of Energy, Alexander Novak, said that the department expects “that by the results of the year there will be lower indicators in terms of oil and gas production, electricity generation, and coal production.”
© Evgeny Odinokov
According to him, “it is obvious that this year will be special.”
“We expect that according to the results of the year there will be lower indicators in terms of oil and gas production, electricity generation, coal production,” RIA Novosti Novak quotes.
He noted that “although the dynamics are positive today, in general, due to the decline that was in the first quarter, half of the year.”
“We see that by the end of the year the indicators will still be lower than last year’s,” the minister said.
In turn, Deputy Energy Minister Pavel Sorokin said that “in 2020, due to a change in the global environment, the reduction in production this year may be about 10%.”
Earlier, Vyacheslav Kulagin, director of the Center for the Study of World Energy Markets at the Institute for Energy Studies of the Russian Academy of Sciences, assessed the situation in the oil market in an interview with the FBA “Economics Today”.